Articles

Haven't disclosed foreign income in your tax returns?

If you have received income from overseas or have been holding monies overseas and receiving interest income and haven’t disclosed this in your tax returns do it now before you are audited and face severe penalties. This is because, as a result of the new  Common…
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Garnishee arrangement instead of payment plan: Company not wound up

The ATO commenced debt recovery action and would not accept a payment plan.  However Waterhouse Lawyer negotiated a Garnishee arrangement so that the company could continue trading and not be wound up.  83 jobs were saved. In this case, the ATO had issued a Statutory…
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Tax: Don't get caught by the global Common Reporting Standards (CRS)

The Common Reporting Standard (CRS) is designed to reduce tax evasion.  It is a global reporting system and will affect all taxpayers who have bank accounts in two countries. Under the CRS regime, financial institutions, such as banks, are required to report foreign tax residency…
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Tax Common Reporting Standard (CRS): Australian Chinese Community

Many of the Australian Chinese community may be affected by the Common Reporting Standard (CRS) the new international tax reporting system.  The CRS is designed to reduce tax evasion. Under the CRS regime, financial institutions such as banks are required to report foreign tax residency…
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How to Deal with a Tax Audit or Tax Review

Received Notice of a Tax Audit or Tax Review? The most important thing to do when you’ve just received notice that the Australian Taxation Office (ATO) will be undertaking a tax audit or review of your tax returns is to stop and consider your position….
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Superannuation funds not yours until you retire

One of the biggest mistakes you can make as a trustee/member of a Self-Managed Superannuation Fund (“SMSF”) is to treat the fund’s money like your own and withdraw the monies before you have reached retirement age.  This is known as early release.  And if you…
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SME Business Protection – Tax Tips – Chinese Community

In a recent seminar for members of the Chinese community on SME Business Protection, Tania Waterhouse, taxation and superannuation specialist, gave helpful tax tips.  Tania focussed on the many tax issues arising in the SME market. Tania discussed the tax advantages of company and family trust. …
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Payroll tax crackdown

The number of companies being audited over payroll tax compliance has dramatically increased and most companies audited have been found to have increased payroll tax liability. The NSW figures speak for themselves.   NSW Payroll liability doubled from $139 million in 2012 to $260m in 2016….
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